Fueling speculation, Bill Pulte—chair of government-backed lenders Fannie Mae and Freddie Mac—claimed in a post on X that Powell may not finish his term. Pulte has repeatedly called for Powell’s resignation,

Scott Bessent, before assuming his role as the Treasury Secretary, spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund.

In an interview with Bloomberg, Bessent provided a glimpse into the gears of change currently spinning within the Trump administration regarding the Federal Reserve.